Investor from Los Angeles! Living the Dream with My Wife and Kids

5 Replies

Hello Bigger Pockets!

My name is RD Delgado. I’m a producer based in Los Angeles, California where I'm blessed to be following my passion in entertainment.  It’s a wonderful life.

As I'm “living the dream” as some may say, my wife and I received some interesting news a few days ago: our apartment complex has been purchased and the new owner is doing a complete renovation. He’s giving all the tenants up to 60 days (first week in March) to vacate so the renovations can occur. After that time, we will be offered the option to lease the rehabbed property. However, the rents will have doubled

This is not exactly how I’d hoped that 2016 would start off. But no problem. Such is life. And it’s providing us with an incredible opportunity to focus on the positive and to channel some energy into something that will bear good fruit.

My wife and I aren’t interested in the new landlord's offer; so we’re actively working to improve our situation and begin our real estate investing career via the lovingly termed “house hacking.” Specifically, we are looking for:

  • Property: a small multi-family (2-4 units)
    • one unit to be at least a 3 bedroom / 2 bathroom stand-alone house which we would occupy
    • additional unit(s) which we will manage
  • Location Options:
    • While we’re open to a number of possibilities, here are the target areas:
      • the South Bay area (Manhattan Beach, Redondo Beach, Hermosa Beach, Torrance, Rancho Palos Verdes, Lawndale, Gardena, Palos Verdes Estates, San Pedro, etc.)
      • the Pasadena area (including Alhambra, San Marino, La Crescenta, Montrose, La Canada-Flintridge, Glendale, etc.)
      • some areas might also be nice and/or on our wish list, but are secondary to what's listed above unless we found a great opportunity (Santa Monica, Pacific Palisades, Burbank, Sherman Oaks, Studio City, Santa Clarita, etc.)
  • Financing Options:
    • We’re open to a number of financing options, including partnering with an investor, using private/hard money loans, and other creative financing suggestions. 
    • FHA loans is a seemingly popular option in these scenarios, so that's high on our list.
    • Additionally, here’s a list which we’ve found helpful http://themortgagereports.com/17670/7-mortgage-loa...

So there you have it. A brief intro and background. I’m working hard to make the most of Bigger Pockets; but if anyone has any wisdom, personal experience, resources, articles, podcasts, introductions, etc. to share, I’m open to listening!

Thank you!  Here's to a great 2016!

RD

Originally posted by @MJ Barnett :

RD,

Welcome! Have you already been pre-approved and know what your price point is that you are looking for? 

MJ

 Thanks MJ!  I'm in the process of getting pre-approved!  Also, our price point will depend on the location and the units!  You have quite a few of these types of properties in Burbank, I imagine?

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